With his father opened Rimi discount supermarket in the late 1970s, later partnering with Swedish retailer ICA Group and supermarket giant Royal Ahold. In 2004 Hagen exercised an option to sell his remaining 20% stake in the venture, forcing Ahold to pony up $1 billion. Bought into department store chain Steen & Strom, then took the whole thing private in late 2007. Board chairman of consumer goods company Orkla, which has seen share price drop 25% over past year. Also invests in real estate and local companies through his Canica group. In January, announced launch of Norwegian private equity fund, Indo-Nordic Equity AS, together with Indian ambassador Mahesh Sachdev, which will invest $75 million in India's energy sector.